Swedish car brand Volvo is planning its Stockholm stock exchange debut on October 28, targeting a market valuation of up to 200 billion kronor ($23.1 billion, 19.9 billion euros).
The company announced this in a statement on Monday while expecting that the share price would be between 53 and 68 kronor per share, “corresponding to a market capitalisation of Volvo Cars of 163–200 billion kronor after completion.”
Volvo added that it expected to raise around 25 billion kronor before transaction costs from the newly issued shares. Shares available for public trading were expected to account for between 19.5 and 24 percent of the company’s total shares.
The carmaker first announced its plans to go public in early October, while noting that China’s Geely would remain the largest shareholder.
The final IPO price is to be announced on October 27, as is a separate IPO from electric car manufacturer Polestar, a joint subsidiary of Volvo Cars and Geely.
The announcement marks another milestone for the automaker. It had been seeing struggling days until Geely acquired it from US giant Ford for $1.8 billion in 2010. Volvo’s image and sales have dramatically improved since then, riding the wave of popularity of SUVs.
The company plans to go all-electric by 2030
